An Empirical Analysis Of The Impact Of Ownership Structure Of Listed Companies In China On Debt Maturity Structure

Since the share reform in 2005,the ownership structure of listed companies in China has undergone great changes,the proportion of state-owned shares has decreased significantly,the proportion of outstanding shares increased significantly,and some companies even reached a hundred percent,Short-term debt financing still occupies a dominant position in terms of debt maturity structure.Because short-term debt has many advantages that long-term debt does not have,Therefore,it is necessary to conduct a new study on the relationship between the ownership structure and the debt maturity structure of listed companies in China.This paper first elaborates the research background and the research significance,makes the literature review to the domestic and foreign literature,makes a whole demonstration to the structure of this article,Secondly,it introduces the ownership structure and the debt term structure from the concept,and introduces some theories about the term structure of the debt abroad,and paves the way for the empirical evidence.Then it analyzes the ownership concentration,the degree of equity matching and the nature of equity on the debt maturity structure of the listed companies on the basis of the previous research,and puts forward the corresponding hypothesis.Followed by the empirical part,according to certain indicators to select the sample,set the explanatory variables and explanatory variables,as well as control variables,build the model,the use of multiple linear regression method to test the previous assumptions.Found that only one of the six assumptions made was not passed.Finally,the conclusion of the empirical conclusion is summarized,and the reasonable policy recommendations are given to the choice of the debt maturity of listed companies in China.In order to analyze the relationship between ownership structure and debt maturity structure from an empirical point of view,This paper selects 634 A-share listed companies from Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2015 as a representative.A total of 3170 sample data are analyzed by multiple linear regression analysis,and the corresponding descriptive statistics and correlation analysis,This paper chooses the proportion of long-term debt to total debt as the index of debt maturity structure,divides the ownership structure into three aspects: ownership concentration,equity balance and equity.The nature of equity includes state-owned shares,legal person shares,Layer holdings.On the basis of predecessors' research,this paper first makes a hypothesis on the six explanatory variables,analyzes the relationship between the explanatory variables and the debt maturity structure,and then tests whether the six hypotheses are established by empirical analysis.The conclusion is that the degree of equity concentration is positively related to the debt maturity structure,that is,the higher the concentration of equity,the higher the proportion of long-term liabilities,the more inclined to long-term debt financing;equity balance and debt maturity structure is positively related,The higher the equity balance,the higher the proportion of long-term debt,the lower the proportion of short-term debt,but this positive correlation is not significant;equity nature,state-owned shares and debt maturity structure was negatively correlated,but this negative correlation is not significant,The legal person shares and the outstanding shares are positively correlated with the debt maturity structure,and the proportion of the management shares is negatively correlated with the debt maturity structure.